@DanielV01 @Rick19744 We are in a similar situation.
Florida LLC, Husband and wife and have been filing 1065 partnership returns the past few years. We decided it would be better to make the LLC a single member LLC. If we were to make this amendment with the department of state as well as submit form 8822-B to the IRS (changing Responsible Party to the remaining LLC member (husband), would we still be able to mark our 1065 return for 2020 as our final return and then report all 2021 income on schedule c? The 1065 income is under 250K, so we have not had any obligation to report our capital accounts. Or, is it too late to make such a change, given we are already 10 weeks into the new year?
Would greatly appreciate your advice!
